N.Y. Real Property Tax Law § 499-kkkk: Assessment ceiling

* § 499-kkkk. Assessment ceiling. 1. To determine the extent to which

local public utility mass real property shall be exempt under this

title, an assessment ceiling for the local public utility mass real

property shall be established annually by the commissioner as follows:

(a) Determine: (i) the local public utility mass real property value

in accordance with the provisions of section four hundred

ninety-nine-mmmm of this title; and (ii) the equalization rate factor

for the local public utility mass real property in accordance with the

provisions of section four hundred ninety-nine-nnnn of this title.

(b) Multiply the local public utility mass real property value by the

equalization rate factor.

The result shall be the assessment ceiling.

2. The valuation date for all local public utility mass real property

shall be January first of the year preceding the year in which the

assessment roll on which such property is to be assessed, completed and

filed in the office of the city or town clerk. The taxable status for

all local public utility mass real property shall be based upon its

condition and ownership as of the taxable status date applicable to the

assessment roll on which it is to appear.

3. (a) For assessment rolls with taxable status dates in each of the

three calendar years including and following the year in which this

section shall take effect, the commissioner shall establish no

assessment ceiling that is less than ninety percent or more than one

hundred ten percent of the assessment of such local public utility mass

real property appearing on the municipal assessment roll with a taxable

status date occurring in the second preceding calendar year from when

this section shall take effect, except that the commissioner may

establish assessment ceilings below the ninety percent level or above

the one hundred ten percent level to take into account any change in

level of assessment and/or to take into account any additions or

retirements to public utility mass real property or litigation affecting

the value or taxable status of the local public utility mass real

property initiated prior to the effective date of this section.

(b) For assessment rolls with taxable status dates in the years two

thousand eighteen, two thousand nineteen and two thousand twenty, the

commissioner shall establish no assessment ceiling that is below the

lower limit or above the upper limit specified in this paragraph, except

that the commissioner may establish assessment ceilings below such lower

limit or above such upper limit to take into account any change in level

of assessment and/or to take into account any additions or retirements

to public utility mass real property or litigation affecting the value

or taxable status of the local public utility mass real property

initiated prior to the effective date of this section.

(i) For assessment rolls with taxable status dates in two thousand

eighteen, the assessment ceiling shall not be less than seventy-five

percent or more than one hundred twenty-five percent of the assessment

of such local public utility mass real property appearing on the

municipal assessment roll with a taxable status date occurring in the

year two thousand thirteen.

(ii) For assessment rolls with taxable status dates in two thousand

nineteen, the assessment ceiling shall not be less than fifty percent or

more than one hundred fifty percent of the assessment of such local

public utility mass real property appearing on the municipal assessment

roll with a taxable status date occurring in the year two thousand

thirteen.

(iii) For assessment rolls with taxable status dates in two thousand

twenty, the assessment ceiling shall not be less than twenty-five

percent or more than one hundred seventy-five percent of the assessment

of such local public utility mass real property appearing on the

municipal assessment roll with a taxable status date occurring in the

year two thousand thirteen.

* NB Repealed January 1, 2031